Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Bangkok Chain Hospital / Equity Bottom-Up

<ul><li>Core profit in 1Q25 grew strongly QoQ as expected, and the 2Q25E earnings are projected to expand YoY, supported by the SSO’s payment for treatments with AdjRW ≥2 at a rate of Bt12,000 during 1H25E (the company recognized such income in 2Q24 and 4Q24).</li><li>Moreover, the SSO’s budget adjustment to maintain this payment rate should support a stronger long-term performance, with BCH’s growth projected to outperform the industry at +9%.</li><li>We maintain a Neutral rating with a fair value of Bt15.70, based on a required return of 3.8%.</li></ul>

Core profit in 1Q25 grew strongly QoQ as expected, and the 2Q25E earnings are projected to expand YoY, supported by the SSO’s payment for treatments with AdjRW ≥2 at a rate of Bt12,000 during 1H25E (the company recognized such income in 2Q24 and 4Q24).Moreover, the SSO’s budget adjustment to maintain this payment rate should support a stronger long-term performance, with BCH’s growth projected to outperform the industry at +9%.We maintain a Neutral rating with a fair value of Bt15.70, based on a required return of 3.8%.

Bangkok Chain Hospital - 1Q25 Core Profit Improved QoQ as Expected